Murals by the anonymous street artist Banksy are often subject to speculation and interpretation of their frequently political undertones. But his latest piece on a block of flats in Finsbury Park has made an impact for a different reason: the spike in property interest in the area.
The Mural
The mural appeared on a wall on Sunday 17th of March down Hornsey Road in Finsbury Park. It depicts a woman with a pressure washer and green paint sprayed across the wall. This, when viewed from a certain angle, mimics foliage around a tree that has undergone pollarding, filling in for leaves and branches that were cut back.
Banksy confirmed the mural as his own work via an Instagram post the next day, which appeased Islington council’s graffiti removal team, convincing them not to remove it. Locals are also very pleased with the artwork and the attention it’s generated, as well as the renewed sense of community it’s brought to the area.
The Market
The North London area – the N4 postcode in particular – has seen a huge surge of interest since the mural appeared, and with this has come an increased interest in the local property market. Finsbury Park saw a 30% increase in searches from Sunday into Monday, with searchers scrambling to Rightmove in particular to find out more about property in the surrounding area.
The area had already been receiving the attention of homebuyers before the mural appeared, so this sudden interest will only add to the attraction of the area. Currently, the average asking price of homes in the area is over £650,000, with the monthly rent of flats averaging over £2,500 a month.
Interestingly, the owner of the block of flats graced by the mural claimed the building was empty at the time, being listed on the lettings market. Changes in pricing can be expected given the huge interest in the mural.
Rushes in the market can cause people to make rash decisions, and sellers to try to exploit new homebuyers. There are conveyancing solicitors London and online that can provide insight and guidance for these opportunistic surges, such as the services seen here: https://www.samconveyancing.co.uk/Conveyancing-Solicitors/conveyancing-solicitors-london.
The area is expected to continue performing well going forward, as more people realise the value of local property. With stations for multiple Underground lines and the titular park’s green space (the removal of which Banksy appears to be critiquing), the area is well connected for commuters to Central London, and full of pleasantly vibrant foliage within the residential areas, now more than ever.
Banksy’s mural may have been exactly what the area needed to have its worth noted in the property market.
